 |
|
| STATEMENTS OF FINANCIAL POSITION |
| December 31, 2006 and 2005 |
|
|
|
|
|
2006 |
|
2005 |
| ASSETS |
|
|
|
| Cash and cash equivalents |
$ 6,372,203 |
|
$ 5,282,161 |
| Investments |
158,432,340 |
|
157,067,110 |
| Accrued interest and dividends receivable |
240,221 |
|
200,304 |
| Federal excise tax receivable |
- |
|
6,119 |
| Prepaid expenses and other assets |
7,562 |
|
25,777 |
| Program related investment principal |
475,000 |
|
325,000 |
Contributions receivable for remainder trusts |
393,928 |
|
393,928 |
Property and equipment, net of accumulated depreciation of $268,733 and $255,340, respectively |
26,277 |
|
35,345 |
| TOTAL ASSETS |
$ 165,947,531 |
|
$ 163,335,744 |
|
|
|
|
| |
|
|
|
| LIABILITIES AND NET ASSETS |
|
|
|
| Accounts payable and accrued expenses |
$ 176,016 |
|
$ 243,582 |
| Grants payable |
2,025,000 |
|
477,000 |
| Federal excise tax payable |
253,408 |
|
119,765 |
| Federal deferred excise tax |
191,561 |
|
495,898 |
|
|
|
|
| TOTAL LIABILITIES |
2,645,985 |
|
1,336,245 |
| Net Assets |
|
|
|
|
|
|
|
| Unrestricted |
163,301,546 |
|
161,999,499 |
| TOTAL NET ASSETS |
163,301,546 |
|
161,999,499 |
|
|
|
|
| |
|
|
|
TOTAL LIABILITIES
AND NET ASSETS |
$ 165,947,531 |
|
$ 163,335,744 |
| |
|
|
|
| STATEMENTS OF ACTIVITIES |
| For the Years Ended December 31, 2006 and 2005 |
|
2006 |
|
2005 |
| REVENUE AND SUPPORT |
|
|
|
Net realized and unrealized gains and capital gain distributions |
$ 8,694,115 |
|
$ 7,306,587 |
| Interest and dividends |
1,870,559 |
|
1,300,553 |
Income from partnership and equity interests |
3,379,153 |
|
1,352,413 |
| Contributions |
- |
|
250,000 |
| |
|
|
|
TOTAL REVENUE AND
SUPPORT |
13,943,827 |
|
10,209,553 |
| |
|
|
|
| EXPENSES |
|
|
|
| Program Services: |
|
|
|
| Grants and contributions |
10,308,254 |
|
7,934,672 |
| Program related activities |
1,128,405 |
|
1,128,244 |
| Total Program Services |
11,436,659 |
|
9,062,916 |
|
|
|
|
| Supporting Services: |
|
|
|
| General and administrative |
|
|
|
| Investment related activity |
1,134,714 |
|
1,163,849 |
| Federal excise taxes |
374,744 |
|
209,456 |
|
|
|
|
| Total Supporting Services |
1,509,458 |
|
1,373,305 |
| TOTAL EXPENSES |
12,946,117 |
|
10,436,221 |
|
|
|
|
Change in unrestricted net assets before provision for deferred federal excise tax benefit |
997,710 |
|
(226,668) |
| |
|
|
|
|
|
|
|
Provision for deferred federal excise tax benefit |
(304,337) |
|
(11,677) |
| Change in Unrestricted Net Assets |
1,302,047 |
|
(214,991) |
|
|
|
|
| |
|
|
|
| NET ASSETS, BEGINNING OF YEAR |
161,999,499 |
|
162,214,490 |
|
|
|
|
| |
|
|
|
| NET ASSETS, END OF YEAR |
$ 163,301,546 |
|
$ 161,999,499 |
| |
|
|
|
| STATEMENTS OF CASH FLOWS |
For the Years Ended December 31, 2006 and 2005 Increase (Decrease) in Cash and Cash Equivalents |
|
|
|
|
|
2006 |
|
2005 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Change in net assets |
$ 1 ,302,047 |
|
$ (214,991) |
| Adjustments to reconcile change in net assets to net cash used in operating activities |
|
|
|
| Realized gain on investments |
(13,472,750) |
|
(7,132,782) |
| Unrealized losses on investments |
5,928,092 |
|
1,677,114 |
Income from partnership and
equity interests |
(3,379,153) |
|
(1,352,413) |
| Depreciation and amortization |
13,393 |
|
14,855 |
| Provision for deferred federal excise tax benefit |
(304,337) |
|
(11,677) |
| Changes in assets and liabilities: |
|
|
|
| Accrued interest and dividends receivable |
(39,917) |
|
(5,417) |
| Federal excise tax receivable |
6,119 |
|
(6,119) |
| Partnership distribution receivable |
- |
|
385,313 |
| Prepaid expenses and other assets |
18,215 |
|
4,379 |
| Accounts payable and accrued expenses |
(67,566) |
|
(21,912) |
| Grants payable |
1,548,000 |
|
(146,000) |
| Federal excise tax payable |
133,643 |
|
(74,425) |
NET CASH USED IN
OPERATING ACTIVITIES |
(8,314,214) |
|
(6,884,075) |
|
|
|
|
| |
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Acquisition of investments |
(54,515,965) |
|
(51,552,165) |
| Proceeds from the sale of investments |
62,800,641 |
|
53,351,285 |
| Distributions from partnerships |
1,273,905 |
|
4,743,832 |
| Principal repayment received on program related investment |
50,000 |
|
50,000 |
| Principal disbursement for program related investment |
(200,000) |
|
- |
| Acquisition of property and equipment |
(4,325) |
|
(25,011) |
NET CASH PROVIDED BY
INVESTING ACTIVITIES |
9,404,256 |
|
6,567,941 |
| |
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS |
1,090,042 |
|
(316,134) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR |
5,282,161 |
|
5,598,295 |
|
|
|
|
| |
|
|
|
CASH AND CASH EQUIVALENTS, END OF YEAR |
$ 6,372,203 |
|
$ 5,282,161 |
|
|
|
|
|
|
|
|
| |
|
|
|
| NONCASH INVESTING ACTIVITIES |
|
|
|
|
|
|
|
| Income from partnership and equity interests |
$ 3,379,153 |
|
$ 1,352,413 |
| |
|
|
|
SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
| Actual cash payments for excise taxes |
$ 241,000 |
|
$ 290,000 |
|
|
|
